Shares tumble for scandal-hit Hino Motors after huge net loss
(FILES) This file photo taken on October 25, 2023 shows the logo of Hino Motors on press day at the Japan Mobility Show in Tokyo. – Shares in Japanese truck and bus maker Hino Motors nosedived on October 31, 2024 after the Toyota unit posted a massive half-year net loss linked to an emission data falsification scandal. (Photo by Kazuhiro NOGI / AFP)
Tokyo, Japan — Shares in Japanese truck and bus maker Hino Motors nosedived on Wednesday after the Toyota unit posted a massive half-year net loss linked to an emission data falsification scandal.
The shares tumbled 12.24 percent in morning trade, with investors spooked by its net loss to September of 219 billion yen ($1.4 billion) and a gloomy full-year projection.
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Hino Motors attributed the losses to a settlement with US authorities and “class action litigation” in Canada over the falsification scandal, which came to light in 2022.
“There is a risk of recording additional loss depending on future negotiations with the US authorities”, Hino said in a statement.
Article continues after this advertisementThe deficit could swell further if “potential costs” linked to the scandal arise in countries other than the United States and Canada, it added, forecasting a full-year net loss of 220 billion yen.
The truck-maker has admitted to having tampered with emissions and fuel data for years but says the misconduct started as far back as 2003, not 2016 as previously stated.
